The justification for occupational licensing laws is that they protect the public from incompetent practitioners (for example, lawyers and medical doctors), but the laws also result in
A) ownership of a key input.
B) higher prices and restrictions on the number of people who can enter the professions affected by the laws.
C) an increase in the amount of output required to achieve minimum efficient scale.
D) economies of scale.
B
You might also like to view...
For each of the following, how would they be included in the national income accounts? a. The University of California buys a new computer. b. Charles buys a new MP3 player. c. Marian buys a new mountain cabin. d. Vikki buys an old mansion with hopes of restoring it. e. Farmer Brown buys a used combine harvester.
What will be an ideal response?
Why are demand curves downward sloping?
What will be an ideal response?
If Britain allows the pound-DM (Deutsche Mark) exchange rate to float, and there is an increase in the foreign interest rate, it:
A) has no effect on home rates. B) will cause a monetary contraction and a higher interest rate in Britain. C) will eventually decrease if trade is affected. D) always shifts out the home IS curve (Britain), all else equal.
Which of the following best describes how the U.S. Department of Labor treats discouraged workers in its calculations?
a. They are counted as unemployed members of the labor force. b. They are counted as unemployed but not as members of the labor force. c. They are not counted as unemployed but are counted as members of the labor force. d. They are not counted as unemployed or as members of the labor force.